企业融资能力与外资溢出效应:基于中国企业的检验证据

Financial Capability and FDI Spillovers: Evidence from Chinese Manufacturing Firms

本文通过分析中国制造业企业层面2000-2007年面板数据表明,行业内外资的水平溢出效应显著为负,这显示行业内外资进入造成的竞争效应大于技术溢出效应;但行业间外资的垂直溢出效应显著为正,这表明国内企业通过前后产业链获得了外资生产率溢出效应。我们进一步论证,企业融资能力是决定企业获得外资溢出效应的一个重要因素。融资能力强的企业将在对外商直接投资开放过程中占据有利地位,本文也据此提出了政策建议。

In this paper, we examine the FDI spillovers in Chinese manufacturing sector using the firm-level panel data from 2000 to 2007. We show that Chinese firms have a negative horizontal FDI spillovers and positive vertical FDI spillovers. Moreover, less credit-constrained domestic firms have higher FDI spillovers than those suffer credit constraints. Our findings highlight the importance of firm-level financial capability, host country financial institutions in determining the extent of FDI spillovers.